Wrapping up Q3 earnings, we look at the numbers and key takeaways for the beverages, alcohol, and tobacco stocks, including Brown-Forman (NYSE: BF.B) and its peers.

These companies' performance is influenced by brand strength, marketing strategies, and shifts in consumer preferences. Changing consumption patterns are particularly relevant and can be seen in the rise of cannabis, craft beer, and vaping or the steady decline of soda and cigarettes. Companies that spend on innovation to meet consumers where they are with regards to trends can reap huge demand benefits while those who ignore trends can see stagnant volumes. Finally, with the advent of the social media, the cost of starting a brand from scratch is much lower, meaning that new entrants can chip away at the market shares of established players.

The 14 beverages, alcohol, and tobacco stocks we track reported a satisfactory Q3. As a group, revenues beat analysts’ consensus estimates by 2.1% while next quarter’s revenue guidance was in line.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 10.8% since the latest earnings results.

Brown-Forman (NYSE: BF.B)

Best known for its Jack Daniel’s whiskey, Brown-Forman (NYSE: BF.B) is an alcoholic beverage company with a broad portfolio of brands in wines and spirits.

Brown-Forman reported revenues of $1.04 billion, down 5.4% year on year. This print exceeded analysts’ expectations by 1.7%. Despite the top-line beat, it was still a mixed quarter for the company with a decent beat of analysts’ revenue estimates but a miss of analysts’ EBITDA estimates.

Unsurprisingly, the stock is down 12.3% since reporting and currently trades at $26.68.

Read our full report on Brown-Forman here, it’s free.

Best Q3: Celsius (NASDAQ: CELH)

With its proprietary MetaPlus formula as the basis for key products, Celsius (NASDAQ: CELH) offers energy drinks that feature natural ingredients to help in fitness and weight management.

Celsius reported revenues of $721.6 million, up 117% year on year, outperforming analysts’ expectations by 13.5%. The business had an exceptional quarter with an impressive beat of analysts’ EBITDA and revenue estimates.

Celsius pulled off the biggest analyst estimates beat and fastest revenue growth among its peers. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 32.6% since reporting. It currently trades at $34.09.

Is now the time to buy Celsius? Access our full analysis of the earnings results here, it’s free.

Weakest Q3: Coca-Cola (NYSE: KO)

A pioneer and behemoth in carbonated soft drinks, Coca-Cola (NYSE: KO) is a storied beverage company best known for its flagship soda.

Coca-Cola reported revenues of $11.82 billion, up 3.6% year on year, falling short of analysts’ expectations by 1.5%. It was a slower quarter as it posted a miss of analysts’ EBITDA and revenue estimates.

As expected, the stock is down 1.7% since the results and currently trades at $76.66.

Read our full analysis of Coca-Cola’s results here.

Philip Morris (NYSE: PM)

Founded in 1847, Philip Morris International (NYSE: PM) manufactures and sells a wide range of tobacco and nicotine-containing products, including cigarettes, heated tobacco products, and oral nicotine pouches.

Philip Morris reported revenues of $10.36 billion, up 6.8% year on year. This print met analysts’ expectations. Zooming out, it was a mixed quarter as it also produced revenue in line with analysts’ estimates but a miss of analysts’ adjusted operating income estimates.

The stock is down 13.2% since reporting and currently trades at $158.

Read our full, actionable report on Philip Morris here, it’s free.

Constellation Brands (NYSE: STZ)

With a presence in more than 100 countries, Constellation Brands (NYSE: STZ) is a globally renowned producer and marketer of beer, wine, and spirits.

Constellation Brands reported revenues of $2.22 billion, down 9.8% year on year. This number beat analysts’ expectations by 2.9%. It was a very strong quarter as it also recorded an impressive beat of analysts’ EBITDA estimates and a solid beat of analysts’ organic revenue estimates.

The stock is up 7.9% since reporting and currently trades at $151.65.

Read our full, actionable report on Constellation Brands here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.